The Illinois Political Establishment’s Shameful Response To The Departure Of Ken Griffin And Citadel – Wirepoints

By: Mark Glennon*

On a wall in Ken Griffin’s office at Citadel in Chicago, I’m told by people who worked there, hangs a thank you note from a six-year old. Like many kids that age, he was enthralled by prehistoric creatures so he wrote to thank Griffin for funding Evolving Planet, a permanent wing in Chicago’s Field Museum.

The six-year old was my son, who asked if he could write it after my wife had taken him for what must have been the fifth time to the exhibit.

I was proud that he had the simple decency to feel a need to thank somebody.

I wish I could say the same about the Illinois political establishment’s send-off to Griffin and Citadel, who are leaving for Florida. There was no decency in any of it.

Griffin is among the most successful financial entrepreneurs in history and Citadel was a crown jewel in Illinois’ economy. But the decency of a proper send-off was nowhere to be found in Illinois’ leadership. There wasn’t even the standard, “we’re disappointed to see them go,” which they usually say about corporate departures. Just a kick out the door for a golden goose.

Gov. J.B. Pritzker’s response was petty and rude. As reported by Greg Hinz at Crain’s, Pritzker’s terse statement doesn’t even name Griffin or Citadel. “Countless companies are choosing Illinois as their home, as we continue to lead the nation in corporate relocations and had a record number of business start-ups in the past year,” said Pritzker’s statement. “We will continue to welcome those businesses—including Kellogg, which just this week announced it is moving its largest headquarters to Illinois—and support emerging industries that are already creating good jobs and investing billions in Illinois, like data centers, electric vehicles and quantum computing,” the statement added. That was it.

Chicago Mayor Lori Lightfoot’s response was only slightly better. She did thank Citadel and its team for their philanthropic work and economic impact, but went on to dismiss their importance, making absurd claims about how well Chicago is doing. “Our economic outlook has never been stronger and we will continue to build upon a best-in-class recovery in the nation amongst large U.S. cities,” she said.

If other members of Illinois’ ruling class said anything of substance at all I cannot find them.

Then there’s Rich Miller, a columnist and blogger who is better described as the de facto spokesperson for Illinois’ political establishment.

His Twitter post and headline said, “After apparent spectacular political failure, Ken Griffin takes ball, goes home to Florida.” What a venal and irresponsible response to a sad event that will truly hurt already struggling Chicago and Illinois.

Miller went on to ridicule Griffin’s statement that his decision to leave was driven in part by employees asking to relocate. “Yeah, it’s about the employees,” Miller wrote. Miller and others cynically ascribe Griffin’s decision only to the failing campaign of Richard Irvin for governor, who Griffin heavily supported. Employee concerns about crime, taxes, corruption, insurmountable debts and all the rest had nothing to do with it, they’d have us believe.

Illinois’ loss from Citadel’s departure is enormous. Griffin has personally donated roughly $1.5 billion during his residency in Illinois to a range of philanthropic causes. Over $600 million of that was in Chicago.

Griffin alone has paid more than $200 million in yearly state taxes in recent years, and huge tax sums no doubt have also been paid by his 1,000 Illinois employees, many of whom are very well paid. The Washington Free Beacon reports that Citadel employees have funneled over $1 billion to the state’s coffers over the past decade. See my colleagues’ separate article with more details on the impact.

None of that is of much importance, apparently, to those happy to see him leave.

How would Griffin haters explain their glee over his departure? If they were asked, they’d probably say what quite a few of them were saying on social media. It’s the standard characterization of conservatives like Griffin: He’s just another rich guy who cares nothing about the little guy. That’s why he regularly opposed the establishment, which is dedicated to equality. Helping the little guy is what we’re about in Illinois, and we don’t want people like him who oppose that.

Maybe someday they will be confronted with how that equality thing has been working out in Illinois after decades of near complete one-party rule. If that happened, they’d face the reality that Illinois ranks much worse than the national average – ninth worst compared to other states – in the standard measure for income inequality. They’d see that Illinois is no better than middling when measured by the number of its citizens below the poverty line, ranking twenty-second highest among the states. They’d be reminded that Illinois’ unemployment rate persistently lags the nation, and much more

The list goes on and on, but actual results mean nothing to them. It’s the thought and the words that they pretend to think count.

There’s a special irony here and a more important lesson. Illinois did reduce inequality by driving Griffin away. Inequality drops whenever the rich flee. But does that really help the poor and middle class? Of course not.

The point was made nicely in a recent op-ed by two University of Chicago law professors. More billionaires will increase income inequality here, “but that would be a boon to government revenue,” they wrote. “When it comes to policies, Illinois would be better served by ones that attract successful entrepreneurs, not ones that drive them out of the state.”

Those are the policies Griffin supported while he was here, and that’s what earned him the establishment’s ire.

So here we are. Illinois is now more equal. And poorer. The political establishment has one less opponent to worry about. The planet indeed evolves, as Griffin’s wing at the Field Museum displays. Just not always for the better.

*Mark Glennon is founder of Wirepoints.

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3rdbasecoach
1 year ago

Eventually, the only taxpayers left will be the public sector union members.

Jockey
1 year ago

I have a long story and a question at the end: I was very recently listening to a podcast but I don’t remember the author being interviewed!!! He was some sort a Nate Silver type political researcher, who has. Book out, and he was telling his story about he was able to hack the Google Trends algorithm(trial & error) and gain insights into the USA’s political views during 2016 elections. He explained how he met Larry Summers and Larry mentioned that he was “very impressed by the way he hacked Google”. The author said he had one chance to ask… Read more »

Aaron
1 year ago
Reply to  Jockey

I doubt it. He is probably just tired of the state squandering everything and just not going to give IL any more money than he has to. Also, these companies leaving are all worth more in a red state. It’s all about the money

SadStateofAffairs
1 year ago
Reply to  Jockey

Trading algorithms have been part of hedge funds since inception, a market maker like Citadel will pay for the best technology, expertise, and the smartest people in the world in order to be better than their competition. Moving from Illinois and performing due diligence about whether the city, county, and state are a good place to base a multi billion dollar business, well you don’t need algorithms to figure that one out. I am surprised he stayed as long as he did. Most leftist politicians haven’t a clue about how businesses sustain an economic system whether local or federal. Especially… Read more »

debtsor
1 year ago

IL only wants woke companies. Non-woke companies frustrate the communists’ agenda. It is as simple as that. Companies are communist allies or communist enemies.

Rob m
1 year ago
Reply to  debtsor

They used the woke losers to stay in power, then got hijacked by them. Most voters don’t like the woke agenda. It is backfiring around the nation.

debtsor
1 year ago
Reply to  Rob m

“It is backfiring around the nation.”

Except here. Underwood, Casten, Duckworth, and all the other progressives down to the local dog catcher are extremely popular. I can’t think of any woke progressive in IL that lost their seat in the previous 2 elections.

Yossarian
1 year ago
Reply to  debtsor

You are exactly right

Ted Lasso
1 year ago

Illinois Democrat POS get what they deserve. I am following Ken Griffin to Florida and pulling my small company and all the taxes our senior executives and company pay to this corrupt state with us. Great job Fat Boy and Beetlejuice!

Hunter's Lap Dance
1 year ago

They don’t care if business leaves.

They don’t care if your kids get educated.

They don’t care if your cost of living rises faster than your ability to pay for it.

They care about controlling you and their ability to enrich themselves on your back. It couldn’t be more clear.

Tim Favero
1 year ago

Griffin didn’t need to spend $1.5 billion to prop up Illinois, but he did. He is one of the few billionaires who let his checkbook do his speaking for him. As for income taxes, apparently Pritzker didn’t think it was worth $200 million per year in income taxes was worth keeping. And Rich Miller is someone who contributes nothing to political discussion in Illinois. He just blogs and writes an occasional column and does so for his own self-important.

Phillip Cooper
1 year ago

Perhaps the most embarrassing fact is that apparently no one in Illinois leadership is communicating with business leaders. As Governor, Pritzker should have been meeting regularly with Boeing, Cat, Citadel and other major employers to create reasons for them to stay. But we know how liberal politicians behave; they are tin pot dictators who believe we are all blessed to be in their presence. While he has so far stayed out of jail, unlike several other governors, his time in office will without doubt be one of the most devastating in Illinois history.

JackBolly
1 year ago

The emotionalism in Pritzker’s words show what an extremist he is, along with the Leftist Democrats – It’s all ideology to them.

nixit
1 year ago
Reply to  JackBolly

JB really had a shot to take the high road. He holds the top position in the state. Not like he had anything to prove. He could’ve expressed some level of disappointment, acknowledged the talent working there, then gone on to say something like, “Too bad Citadel won’t be around to witness all the great things yadda yadda…” But this is typical from those who inherit their wealth, never had to build anything, never had to take risks. JB’s gold-plated DNA isn’t wired for that.

jalujon
1 year ago
Reply to  nixit

It’s personal for the governor. Ken Griffin matched him in spending to defeat the tax amendment the governor so dearly wanted. Petulant child, indeed.

Chunky Puree
1 year ago

Illinois will not miss the tax money generated by Citadel and the employees. Just raise the gas taxes because that wont hurt anyone financially. Just raise property taxes because nobody will be impacted by that. Just raise the income tax because it will only affect businesses and high wage earners. That’s the mentality of Illinois democrats.

Goodulf Greyteeth
1 year ago

Countless companies are choosing Illinois as their home,”

Uh, no, actually Guv it’s not a “countless” number, though I understand how you’ve grown used to being able to say anything, no matter how facile, obfuscating or false, and get away with it in Illinois.

You could tell us EXACTLY how many companies have moved to Illinois from another state because every one of them had to fill out a truckload of taxes-n-licenses-n-fee forms and send them to you.

You could give us an accurate number.

You just don’t want to….

nixit
1 year ago

Kellogg’s broke up into three separate entities, split their HQ, slightly expanded their footprint in a Chicago office they already occupy, and Democrats treated it like Microsoft moved their entire campus here.

Rick
1 year ago

The left believes all things should come from the government, the collective. Individualism, creativity, value creation coming out of mere private initiative is frowned on and actually disbelieved when it happens. Even charity not originating from government is frowned upon in secret. It’s all part of the Obama credo “You didn’t build that” mentality. Of course at some point the left will come begging to some (non government entity) like an oil company screaming hysterically “make more gas!”, “charge less!” after they crippled said company with regulations. This is the very plot of Atlas Shrugged, Ken Griffin is still in… Read more »

Last edited 1 year ago by Rick
Rob M
1 year ago

Of course this is a huge loss. I’m sure some of the employees want to go as well. Of course we should thank Mr. Griffin for his philanthropy. Our leaders have no class and this is obvious. That is why I will not be voting for any of them, as I’m sure many readers of Wirepoints are not go8 g to either. All that being said, his generosity aside, Griffin cares mostly about Griffin. I think Irvin was his last straw. He bankrolled him, he’s a classic RINO, and he’s losing to Bailey, a real conservative. What’s the difference? Well,… Read more »

nixit
1 year ago
Reply to  Mark Glennon

It gets worse, Mark. In Illinois, political contribution limits are indexed to inflation every election cycle. So all the labor unions that max out their contributions at $60K are going to be able to contribute $67K next election cycle.

Rob m
1 year ago
Reply to  Mark Glennon

Sine you put words in my mouth Mark, I will return the favor. Irvin is a RINO, he’s Kens puppet.

You don’t want caps on political spending, and you don’t mind rich people buying offices, so maybe you are a RINO as well.

Why not public financing of campaigns, debates on ch 11 and equal time on the web? Don’t you trust the people to make decisions on their own?

Take away Kens money, and Irvin is behind Rabine, Bailey, and the other RINO, Sullivan. Pritzker and Rainer have both bought office.

debtsor
1 year ago
Reply to  Mark Glennon

Liberals want to ban dark money, and citizens united type stuff, only when it doesn’t benefit them.

Mac Swan
1 year ago
Reply to  Rob M

I’ve gotten three times the number of mailers from Bailey paid for by the Democratic Governors and JB Pritzker than I have those paid for by Bailey.

Rob m
1 year ago
Reply to  Mac Swan

They think they can beat Bailey on the abortion issue. If he can offer a compromise to an all out ban, he may be able to thread the needle. He will lose Cook County for sure, but he could win the rest.

debtsor
1 year ago
Reply to  Rob m

Bailey needs 100% turnout downstate. And another 800,000 votes on top of that. That hopefully all mysteriously turn up two weeks after election day lacking postmarks from counties that were 90+% Bailey. And any Democrat objects to these ballots that show up 2 weeks after the election without postmarks, they will be labelled election deniers and insurrectionists. What’s good for the goose is good for the gander. 2022 isn’t going to be an election contest, it’s going to be a cheating contest, who can cheat better. But in all seriousness, I hope county clerks downstate are talking and refuse to… Read more »

Last edited 1 year ago by debtsor
Ataraxis
1 year ago
Reply to  Rob M

I highly doubt that there were any tax breaks Illinois handed out to Citadel that have made a meaningful difference in their primary business. The same is true for other local trading firms. Who in Springfield was known to do Citadel’s bidding? Was there a single article anywhere over the years of sweetheart deals for Citadel? Citadel surely would have been a juicy target for the SJW media. You have also never heard a peep from any Illinois politician touting what they have done for trading firms or the benefits to a trading firm staying in Illinois. And you never… Read more »

Platinum Goose
1 year ago
Reply to  Ataraxis

I’ve never seen an article about Griffin removing his toilets to get his real estate taxes lowered.

Bill Bergman
1 year ago

Great job, Mark. Thanks for this reflection.

Old Spartan
1 year ago

And how about some thanks and gratitude from the directors and board members of all the charities that benefitted from Citadel and Griffin’s gifts. I haven’t seen one sentence of appreciation from any of them. I suppose they are all too intimidated by the Democrat establishment to say anything publicly. But this is just another example of how Illinoisans are to blame for the decline of their state. It isn’t just the politicians. It is the timid and kow towing residents who are also to blame.

Ted Lasso
1 year ago
Reply to  Old Spartan

Where can we find a list of Ken’s donations? So we can defund them.

Wally
1 year ago

So Kellogg splits into three with only one part coming to IL. That makes up for the loss of Citadel? How much philanthropy is Kellogg going to bring to Chicago and IL.? Kellogg doesn’t have near or can afford what Griffin brought.

Lion's Choice
1 year ago

Rich Miller is Pritzker’s grimy [edited out]

Silverfox
1 year ago
Reply to  Mark Glennon

Applaud your decision, Mark. Whatever word(s). you deleted were, I’m sure, inappropriate. We don’t need it. Thanks again.

Willowglen
1 year ago
Reply to  Lion's Choice

I view Miller as merely a conduit to a tent seeking echo chamber. Good work for him in a sense as he has no burden to persuade. Accordingly I don’t read the site any longer. It is akin to an inside baseball site, where baseball nuts argue over whether a 270 power hitter is worth more than a 300 singles guy, but there is no disagreement over whether the game itself is unassailable. Interesting if you are rent seeking and connected to “baseball” aka the public union/political industrial complex, but overall tedious and of little value, especially given the lack… Read more »

debtsor
1 year ago
Reply to  Willowglen

Rich Miller serves a purpose. He is state propaganda. He brags that Fatty’s chief-of-staff responds to his emails within minutes. He gets all the ‘oppo’ dumps straight from the incumbent’s campaigns. He’s more than inside baseball. He’s the referee rigging the game.

Willowglen
1 year ago
Reply to  debtsor

Debtsor – he doesn’t persuade anyone not already enraptured of the existing public sector union/political industrial class which runs Illinois. It appears he is the mouthpiece for that crowd – but I don’t think he has power independent of his political massters.

Ataraxis
1 year ago

To ignore Citadel’s contributions to Illinois and Ken Griffin’s personal generosity is expected from these classless fools, but they needed to be called out for their shameful behavior. This is all part of the Dem’s dangerous pattern of othering their fellow Americans. From a quote online: “Othering is a way of negating another person’s humanity and, consequently, those that are have been othered are seen as less worthy of dignity and respect”. Othering Ken Griffin is more important to the Dems than any other consideration. They must ignore him and dehumanize him. Sadly, history shows us othering and dehumanizing your… Read more »

debtsor
1 year ago
Reply to  Mark Glennon

Democrats cannot have kind words for any Republican for fear of the Twitter backlash.

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